LISBON, Feb 19 (Reuters) - Portugal Telecom (PT) posted on Wednesday a 35 percent fall in quarterly net profit, hit by a tough competition in an anaemic domestic market as well foreign exchange losses and business restructuring costs in Brazil.
PT’s net profit fell to 25.9 million euros ($35.6 million) in the last quarter of 2013, but exceeded market expectations after analysts surveyed by Reuters had forecast, on average, a profit of 21 million euros.
Revenues dropped almost 3 percent to around 736 million euros, the company said, while earnings before interest, taxes, depreciation and amortization (EBITDA) fell about 6 percent to 281 million euros.
Still, for all of 2013, PT’s profit rose 47 pct to 331 million euros after the sale of its stake in Brazil’s CTM telecom operator, while its EBITDA fell 10 percent.
PT is in the process of merging with Brazil’s Grupo Oi , in which it holds a large stake, to form a new company with more than 100 million subscribers.
$1 = 0.7272 euros Reporting By Andrei Khalip